Nothing in this world is stagnant, and that includes the lake real estate market. Lake Homes Realty’s CEO, Glenn Phillips, gives four tell-tale signs that the market is shifting.
- Inventory Increases: There is an uptick of homes on the market, which has been a positive shift in available inventory.
- Days-on-Market: The average time a home spends on the market is beginning to increase. The longer homes sit on the market, the more time buyers have to evaluate their options.
- Price Cuts: The combination of increased inventory and growing day-on-market is leading sellers to cut down their prices; a trend we haven’t seen in the past few years.
- Surge of ‘Better Hurry’s’: In an attempt to maximize profit, surges of sellers are putting their homes on the market while it’s still in their favor.
As the world around us changes, so will the real estate market. The best way to secure your investment is to recognize these signs and plan your buying/selling strategy around them.